New Call for the Bottom in Bitcoin
I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business.
For a variety of reasons I no longer believe that $2,718 will be the bottom of the 2018 Bitcoin’ bear market. I am now very confident that we will return to $1,000 before finding a bottom. That is due to Tyler Jenks’ hyperwave theory and the Point of Control on the Visible Range Volume Profile with > 2 year look back | Calling for $35 ETH before the end of 2018, however I do not believe that will be the bottom. Strongly expect ETH to return to single digits before the end of 2019.
I thought that a breakdown from $6,000 to below $4,000 would cause capitulation and then I thought that support would be found slightly below $3,000.
$2,718 to be exact.
I was wrong. That definitely was not capitulation. Now I am very confident that we have a long way to go before find a bottom, falling to $2,718 would definitely not be enough. However I want to be very clear about the following:
A return to phase 1 is not my call for a bottom in Bitcoin', it is Tyler Jenks' call. He has been saying this loud and clear for a long time and he has been mostly speaking to a deaf / angry audience. He continues to be right at each step of the way, yet the large majority continue to doubt / ignore / troll him. Including me, until recently.
"As a technical analyst I know that nothing is 100%.
I am embarrassed to say that hyperwave is 100% in
terms of when you break a phase 2 that you go all
the way back down to the phase 1. In this case it's
$1,000. I would love it if this was the first time ever,
out of 100's of examples, that this is not true." -Tyler Jenks at 17:28 in the following video:
youtube.com/watch?v=lEQp57NZKnA
I know enough about hyperwaves to have confidence in a return to phase 1 above anything else. I'm not shorting at these prices, stay tuned for the daily update to learn why, however I am also no longer a buyer from $2,700 - $3,000. This is a very important distinction and the explanation mostly lies within the risk:reward implications. There is one more distinction that I would like to make: the difference between bitching out on a great entry that you have waiting patiently for and the times when new information is presented and adjustments should be made accordingly.
I have been planning on buying my Bitcoin back once the price got below $3,000 for months (sold $11,000 & $7,000). Those months felt like years and I have the gray hairs to prove it. However I know that I need to adjust my plans based on new information and I am confident that it isn't due to giving into any FUD. The main reason I am confident about that is because I have fallen victim to fear, uncertainty and doubt one too many times and I know what it feels like. The bottom line is I don't really sense any of that now and that is the main reason I feel like we have a long way to go before capitulation.
Okay, enough of my input. Watch Tyler Jenks podcast on Youtube. Register for his upcoming webinar on Saturday. Then register for his presentation on hyperwaves at Tone Vays' Unconfiscatable conference in Las Vegas. If you do the latter then I will even buy you a beer after it is over and we can talk about all of the money we are going to make!
For a variety of reasons I no longer believe that $2,718 will be the bottom of the 2018 Bitcoin’ bear market. I am now very confident that we will return to $1,000 before finding a bottom. That is due to Tyler Jenks’ hyperwave theory and the Point of Control on the Visible Range Volume Profile with > 2 year look back | Calling for $35 ETH before the end of 2018, however I do not believe that will be the bottom. Strongly expect ETH to return to single digits before the end of 2019.
I thought that a breakdown from $6,000 to below $4,000 would cause capitulation and then I thought that support would be found slightly below $3,000.
$2,718 to be exact.
I was wrong. That definitely was not capitulation. Now I am very confident that we have a long way to go before find a bottom, falling to $2,718 would definitely not be enough. However I want to be very clear about the following:
A return to phase 1 is not my call for a bottom in Bitcoin', it is Tyler Jenks' call. He has been saying this loud and clear for a long time and he has been mostly speaking to a deaf / angry audience. He continues to be right at each step of the way, yet the large majority continue to doubt / ignore / troll him. Including me, until recently.
"As a technical analyst I know that nothing is 100%.
I am embarrassed to say that hyperwave is 100% in
terms of when you break a phase 2 that you go all
the way back down to the phase 1. In this case it's
$1,000. I would love it if this was the first time ever,
out of 100's of examples, that this is not true." -Tyler Jenks at 17:28 in the following video:
youtube.com/watch?v=lEQp57NZKnA
I know enough about hyperwaves to have confidence in a return to phase 1 above anything else. I'm not shorting at these prices, stay tuned for the daily update to learn why, however I am also no longer a buyer from $2,700 - $3,000. This is a very important distinction and the explanation mostly lies within the risk:reward implications. There is one more distinction that I would like to make: the difference between bitching out on a great entry that you have waiting patiently for and the times when new information is presented and adjustments should be made accordingly.
I have been planning on buying my Bitcoin back once the price got below $3,000 for months (sold $11,000 & $7,000). Those months felt like years and I have the gray hairs to prove it. However I know that I need to adjust my plans based on new information and I am confident that it isn't due to giving into any FUD. The main reason I am confident about that is because I have fallen victim to fear, uncertainty and doubt one too many times and I know what it feels like. The bottom line is I don't really sense any of that now and that is the main reason I feel like we have a long way to go before capitulation.
Okay, enough of my input. Watch Tyler Jenks podcast on Youtube. Register for his upcoming webinar on Saturday. Then register for his presentation on hyperwaves at Tone Vays' Unconfiscatable conference in Las Vegas. If you do the latter then I will even buy you a beer after it is over and we can talk about all of the money we are going to make!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.